Tether to join the development of crypto regulation in Uzbekistan

What’s new? Tether, the issuer of USDT, the largest USDT stablecoin by capitalization, has announced the signing of a Memorandum of Understanding (MOU) with the National Agency for Perspective Projects (NAPP), responsible for regulation and development of the cryptocurrency sector in Uzbekistan. As part of the cooperation, the parties will work on the development of P2P technologies and blockchain infrastructure.

Press release

What else is known? The cooperation is aimed at promoting and implementing developments in the areas of blockchain, stablecoins, and tokenization of digital assets to stimulate economic growth and innovation in Uzbekistan.

In order to create a favorable environment for the introduction of blockchain solutions in the country, Tether will participate in the development of the legal framework and regulatory policy for crypto assets. The company will also participate in the development and implementation of a national digital currency and the improvement of Uzbekistan’s payment system.

In addition, Tether will launch educational initiatives aimed at raising awareness about blockchain technology and stablecoins, as well as training specialists in the field of cryptocurrencies.

The NAPP said the agency is committed to exploring the potential of new technologies to accelerate the country’s economic development. Combined with other initiatives aimed at improving public services, a well-integrated and responsibly implemented blockchain ecosystem can significantly improve the living conditions of Uzbekistan’s citizens, the officials said.

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In September 2022, Uzbek authorities introduced a monthly tax for crypto companies, and in February 2023 restricted the use of proceeds from crypto exchanges to non-residents.

Also in 2023, mandatory licensing of miners, crypto exchanges, mining pools, crypto stores, and depository institutions was introduced.

On April 19 this year, a law will come into force in the country, tightening the responsibility for illegal mining and circulation of cryptocurrencies. Violators will face fines and imprisonment for up to 5 years.